We have a good supply of bids under this market. Although it's a bit choppy, the bears are not getting any traction. Of course we still have to contend with the crazy volatility in the final hour, so we can't be too comfortable with the action.
I've been focusing quite a bit on steel stocks today. I like the charts in that group, which have an inverse head-and-shoulders look to them. I'm also watching oils for a long-side trade. There is no question that this is positive action, and with the weak dollar, I think it's a good idea to focus on the commodity-related names.
The Santa rally is on, and while we can't get too complacent, there is obviously a change in character, and we should be looking to be opportunistic.
P.S. Will you be there when Cramer makes his next move?
Strong brands and companies with vast market exposure can help bolster your portfolio. Jim was able to lock in a 64% gain by buying Ingersoll-Rand at $13 and selling at $22.50. Action Alerts PLUS members were the first to see these moves. Were you among them? Get Free Access Today!
Rev Shark Blog Disappointing Action 12/17/2008 10:22 AM EST Even oil can't find any support, and bonds are soaring.
James "Rev Shark" DePorre is the author of Invest Like a Shark: How a Deaf Guy with No Job and Limited Capital made a Fortune Investing in the Stock Market. He is founder and CEO of Shark Asset Management, an investment management firm, and he also operates sharkinvesting.com, an interactive online community that serves and educates active investors. DePorre holds business and law degrees from the University of Michigan, is a member of the Michigan Bar Association and a former tax attorney and CPA. He lives in Anna Maria Island, Fla., with his wife and two children. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Rev Shark appreciates your feedback; click here.
RSS FEEDS
PODCASTS
